December: Pakistan’s oil prolongation reaches two-year high
KARACHI: Pakistan’s oil prolongation reached a two-year high of 97,000 barrels per day in Dec 2016 after oil and gas scrutiny and prolongation companies geared adult their expostulate to find new deposits of hydrocarbons in a country.
Nabeel Khursheed, an researcher during Topline Securities, pronounced in a note to his clients that a swell in prolongation became probable with find of new oil pot from Nashpa and Mardan Khel fields.
“Both fields combined around 11% to Dec 2016’s oil production, a accumulative upsurge of around 10,000 barrels per day (bpd) of oil,” he said.
The prolongation meets around 20% of domestic demand. The residue is met by alien wanton oil and finished petroleum products.
Local prolongation was reportedly hovering next 90,000 bpd in November. This was station during 87,000 bpd in a prior mercantile year finished Jun 30, 2016 and 95,000 bpd in a year before. The decrease in prolongation in mercantile year 2015-16 (FY16) was seen after oil producing firms put on reason their projects underneath a afterwards prevalent high low oil prices in a universe market.
State-owned Oil and Gas Development Company (OGDC) was progressing a top pot of oil and gas in a country, as a share in internal wanton oil prolongation stands above 50%.
During December, OGDC, Pakistan Oilfields and Pakistan Petroleum Limited purebred record oil prolongation levels of around 48,000 bpd, 18,000 bpd and 8,000 bpd, respectively.
This was on a behind of further from Nashpa (OGDC and PPL reason 56% and 26% stakes) and Mardan Khel (POL and PPL reason 28% interest any while OGDC binds 21%).
Flat gas production
Gas production, however, remained roughly low during around 4,000 million cubic feet per day (mmcfd) especially due to “absence of any poignant further and healthy lassitude of existent fields,” a researcher added.
Normalised upsurge from Kandhkot margin (13% of PPL’s sum gas production), adult from 89mmcfd (faced technical issues final year) in Dec 2015 to 205mmcfd in Dec 2016 and 32mmcfd further from Shahdadpur margin nudged adult PPL’s gas production.
OGDC’s gas prolongation during Dec 2016 shrunk on a behind of reduce upsurge from Uch (26% of gas production), down 12% and Qadirpur (22% of gas production), down 7%.
“First half of mercantile year 2017’s accumulative hydrocarbon prolongation numbers remained broadly in-line with a estimates,” Khursheed said.
With another approaching further of around 100mmcfd of gas and 4,000 bpd of oil from most awaited OGDC’s Kunnar Pasaki Deep (KPD) plan in second half, “Pakistan’s sum oil prolongation will expected cranky 100,000 bpd to normal 95,200 bpd in FY17. This will take Pakistan’s sum hydrocarbon prolongation to normal 778,000 boed {Barrels of Oil Equivalent per Day},” he said.
Published in The Express Tribune, Feb 2nd, 2017.
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Article source: https://tribune.com.pk/story/1314213/december-pakistans-oil-production-reaches-two-year-high/